In a recent release from real estate data giant Zillow, renters in the U.S. paid roughly $441 billion in rent in 2014—a number that’s up nearly $21 billion from 2013.
Locally, the increase in rent is of little surprise, especially around the downtown area given the amount of incredible new units to hit the market over the last 12-18 months. Furthermore, an even larger number of apartments are also expected to be delivered over the course of the new year—over 3,800 to be exact—and even despite the substantial increase in inventory, the insane amenities, custom finishes, and just about anything else you could want in a downtown Chicago apartment are all going to make it hard to see a slowdown in the rental market any time soon. At least here in Chicago, that is.
According to that same report, Chicago residents forked over an astounding $14.3 billion last year in rent payments, which represents a 7.4 percent increase, or about a $1 billion growth, since the end of 2013, meaning that the average monthly rent for locals bumped up by about 50 bucks per month.
Looser lending standards will surely pave the way for more first-time home buyers to make the transition from renting to home ownership sometime in 2015, but with more of Chicago’s developers still focusing on building new apartments rather than condos, we should be in for another healthy year on the rental side of things here in the Windy City.
Looking to make a move in 2015? Contact Chicago’s rental and luxury apartment experts at Chicago’s Property Shop today at (312) 243-5200 for information, or start browsing active Chicago apartments that are currently on the market now!